WASHINGTON — The Securities and Exchange Commission on Friday charged Goldman, Sachs Group Inc. with defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages, in one of the biggest moves by authorities in response to the financial crisis of 2007-08.

Goldman's stock price fell sharply after the news. The Wall Street firm's share price was down more than 11% in morning trading.

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